Wound Management Technologies, Inc., (OTCQB: WNDM | WNDM.PK), an emerging innovator in advanced wound care solutions, has sold its wholly-owned subsidiary, Secure eHealth, LLC (“Secure eHealth”), to two entities that previously financed the acquisition of Secure eHealth by WNDM in January 2010. In consideration thereof, the two entities agreed to cancel approximately $213,000 principal of, and accrued but unpaid interest on, promissory notes owed by Wound Management to such entities. In addition, as a condition of such transaction, three holders of promissory notes of Wound Management aggregating $300,000 in principal amount, agreed to the assignment of such promissory notes to Secure eHealth. In total, over $500,000 in debt was removed from the balance sheet of Wound Management.
The company is now refocusing on CellerateRX and medical product sales. Wound Management purchased Secure eHealth in January 2010 with the expectation that its secure messaging technology would be a complementary fit with its medical technology divisions.
“The divestiture of Secure eHealth is an important step forward for Wound Management as we focus on concentrating our efforts on marketing CellerateRX and other medical products,” said Chairman and CEO Scott Haire. “This transaction also removes significant debt from our balance sheet, which will strengthen the Company for future growth.”
Wound Management Technologies, Inc. is an emerging commercial stage company with its primary products in the $5B worldwide advanced wound care market. Wound Management’s primary focus is the distribution of its unique, patented collagen product, CellerateRX®, which is FDA cleared and reimbursable under Medicare Part B. Wound Management has other advanced biotech products in development including a patented resorbable bone wax line that is in late stages of development.